Listen to the public and let private firms fuel growth

21 Jan

More than half of Britons believe that businesses have led the UK back to growth – and only a quarter credit the government with the recovery, according to a new survey.

The poll published today by Edelman concludes that 52 per cent of the UK public think that private firms are responsible for the economic upward trend, compared to 25 per cent saying it is down to the coalition.


Ed Williams, the Edelman chief executive says in a statement: “The big story is the gap between business and government, with fewer people trusting the government than last year, and firms getting twice as much credit for recent growth.”


The chasm is even wider in the U.S., with 58 per cent of those polled saying that they trust companies, but only 37 per cent saying the same about the government – I imagine this has a lot to do with last year’s embarrassing federal shutdown.


And on a global scale the gulf between the reputations of business and governments is wider still.  Overall, internationally, there are now 14 per cent between the two – the biggest gap since the survey started in 2009.


I’m delighted to see that the survey also finds that there is good news for those of us in the financial services sector.  Those with confidence in our industry has jumped from 34 to 44 per cent in 12 months.


The Edelman poll makes it clear that the public sentiment echoes what I have been saying for a long time – that politicians, the vast majority of whom have little or no commercial experience, need to step aside and let private businesses lead growth.


Now economies are recovering, politicians must heed the advice and warnings of business leaders when it comes to fundamental decisions regarding the economy.


I would call for less political meddling and government overreach, for business-related bureaucracy and taxation to be slashed, and for a supply side economic revolution to be allowed to gain real traction.


The public intuitively knows, judging by this survey, that private business – not governments- will do a better job at securing long-term, sustainable economic growth. Let’s hope they are listened to.

Nigel Green deVere Group

Blog written 21st January


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